Zillow and Redfin announce partnership to help buyers and home builders connect

Rhea-AI Summary

Zillow and Redfin have formed a strategic partnership to automatically syndicate home builders' listings and communities, expanding the visibility of new-construction homes to potential buyers. In June 2023, new single-family home sales were up 23.8% from a year ago, indicating the growing prominence of new construction. The partnership allows Redfin customers to explore a broader range of new-construction homes for sale, creating a seamless home-buying experience. Redfin will launch new features to help buyers discover new-construction communities and connect with home builders, powered by Zillow's Community pages.

Home builders partnering with Zillow will now have their listings and communities automatically syndicated to Redfin, expanding the visibility of these homes to potential buyers

SEATTLE, Aug. 1, 2023 /PRNewswire/ -- Zillow^® Group's new-construction listings will soon be automatically syndicated to Redfin, connecting home builders with motivated buyers on both platforms. The strategic partnership will dramatically expand the reach of home builder listings on Zillow and allow Redfin customers to explore a broader range of new-construction homes for sale, creating a seamless home-buying experience.

The new partnership comes at a time when new construction is gaining prominence among buyers. In June 2023, new single-family home sales were up 23.8% from a year ago. This is partly because the inventory of existing homes is dwindling and consumers are shifting to new construction to find a home that meets their needs. Zillow's latest market report shows there were 28% fewer new listings added to the market this June compared to last year. A Redfin analysis found that in the first half of 2023, one-third of single-family homes available for buyers to choose from were new construction, a record-high share.

"Zillow provides a standout platform for home builders to highlight their communities and connect with potential buyers. Zillow's Community pages, in particular, help buyers understand the benefits of a new-construction home and give home builders a place to highlight all the amenities within a new-build community," said Owen Gehrett, vice president and general manager of New Construction at Zillow. "The partnership with Redfin extends this unique and valuable resource to a wider audience. It benefits home builders by expanding their reach to additional home buyers, while empowering home shoppers to make confident and informed decisions, regardless of where they choose to shop."

Zillow boasts the largest selection of new-construction communities of all real estate websites in the U.S.,¹ making it the ultimate choice for buyers seeking new homes and home builders looking to connect with those prospective shoppers. Through this strategic partnership, home builders will also market their new-construction communities to Redfin's extensive customer base of 50 million monthly visitors. Builders partnering with Zillow will begin to see their listings and communities syndicated to Redfin in the fourth quarter of 2023.

"With buyer demand outpacing the supply of existing homes for sale, Redfin's home-buying customers are increasingly turning to new construction," said Adam Wiener, Redfin's president of real estate operations. "Our Zillow partnership will help our customers discover more homes that fit their criteria. This is a win-win-win for our customers, agents and the builders who advertise with Zillow, who will now reach the homebuyers on Redfin. The partnership provides a new revenue opportunity while allowing us to focus on what we do best, helping customers buy and sell homes with local Redfin agents."

As part of the rollout, Redfin will launch new features to help buyers discover new-construction communities and connect with home builders, powered by Zillow's Community pages. These pages highlight important community amenities, featuring photos, videos, community maps and amenity details, which is incredibly important to new-construction buyers. According to Zillow's 2023 New Construction Consumer Housing Trends Report, 53% of new-construction buyers greatly value shared amenities such as clubhouses and fitness centers, compared to only 24% of existing home buyers.

Community pages also list all available homes for sale within the community, including homes that are move-in ready, nearly complete and lots, and provide a direct link to the builder's website, contact information and sales center hours. These features enable builders to showcase their homes, amenities and details in one convenient place, and soon, the features will be accessible to both Zillow and Redfin shoppers.

Upon the launch of the partnership, Redfin will source non-MLS new-construction listings exclusively from Zillow. New-construction listings available through an MLS will still be discoverable on Redfin.

About Zillow Group:
Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences.

Zillow Group's affiliates, subsidiaries and brands include Zillow^®; Zillow Premier Agent^®; Zillow Home Loans℠; Zillow Closing Services℠; Trulia^®; Out East^®; StreetEasy^®; HotPads^®; and ShowingTime+℠, which includes ShowingTime^®, Bridge Interactive^®, and dotloop^®.

All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2023 MFTB Holdco, Inc., a Zillow affiliate.

About Redfin:

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with same day tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we've saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.

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1 Based on direct site-to-site comparison.

 

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SOURCE Zillow

FAQ

What is the partnership between Zillow and Redfin?

Zillow and Redfin have partnered to automatically syndicate home builders' listings and communities, expanding the visibility of new-construction homes to potential buyers.

Why is new construction gaining prominence among buyers?

New construction is gaining prominence among buyers due to the dwindling inventory of existing homes and consumers' shift towards finding a home that meets their needs through new construction.

What are the benefits of the partnership for home builders?

The partnership benefits home builders by expanding their reach to additional home buyers and empowering home shoppers to make confident and informed decisions, regardless of where they choose to shop.

What is the significance of Zillow's Community pages?

Zillow's Community pages help buyers understand the benefits of a new-construction home and allow home builders to highlight all the amenities within a new-build community.

What new features will Redfin launch as part of the partnership?

Redfin will launch new features powered by Zillow's Community pages to help buyers discover new-construction communities and connect with home builders. These features highlight important community amenities and list all available homes for sale within the community.